Absolutely you should get a fee or something. It’s going to be your
store, you are going to have to take the time to examine the jewelry,
figure out pricing and sell the repairs (they don’t always just
magically appear with prices already tagged and tickets made out
you are going to have to keep track of the jobs, call the customers,
secure and insure all of the jewelry, on and on. When they move out,
they give up their repair business and any other business they would
have gotten at that location. You have absolutely no responsibility
to help them keep it, let alone help them make all the money it
generates. If they don’t want to give it up, they shouldn’t move out!
You should get half. Or more. This isn’t just a made-up or arbitrary
number, it is based on generations of jewelry businesses and their
costs, and it is how prices are determined in jewelry businesses all
over the world. You’re doing nearly half of the work, assuming many
of the costs associated with repairs and taking on a lot, if not most
of the risk. Get David Geller’s Blue Book of jewelry repair and
custom pricing. Charge the customers what’s in there, and pay the
shop half of that. Or work something out with them, get their price
list and double it or whatever, but you need to get somewhere around
50%, some retailers get 65%. If they don’t want to work something out
like that, find another trade shop or hire a benchie. This is not
just optional or extra income, it’s critical to your survival. It’s
part of the business. It’s the only reason you should be paying rent
at that location in the first place!
Please give up the notion that you must do a lot of things for free.
You don’t. In fact, owning and running a business, you flat-out
can’t. If you do, you won’t be in business for long. You will have to
become hard-nosed about it. None of your suppliers or vendors are
going to give you anything for free, they can’t afford to either, and
believe me, they will have no problem at all being hard-nosed with
you if you’re late with a payment. Don’t be afraid to charge (and
charge more than you think possible) for your goods and services. You
may just find that your customers will value them more highly if you
value them highly yourself.
A little tip, when they have the phone cut off, call the phone
company immediately and get their old phone number. Don’t talk to
them about it or ask them if it’s OK, just do it. Trust me, it is OK
it happens all the time, their old customers will appreciate it, and
it will be like money in the bank for you. If they decide to get
angry at you, well, they shouldn’t have moved out and cut off the
phone, should they? This owning a business thing ain’t badminton.
All the very best of luck to you Lynn! You’re in for the E-Ticket
ride of your life!